Mr. Pat Keating:

In regard to the State playing a role in the investment in energy infrastructure, the Deputy can correct me if I am wrong but I think the State has made the decision that it more or less wants the privatisation of energy generation, but that is probably a bigger question. That is the way the State has approached it in latter times. Across Europe, the private sector has been more than willing to step up to the plate to invest in this, which says that this is a commercial enterprise and the State need not necessarily be involved in the investment side, but obviously it has to be involved on the regulatory side. That is the approach as we see it. There is significant private sector interest from large, global, multinational companies to invest and to unlock this potential resource. The State's role would be, as I said, more regulatory. The State can gain significant new revenue streams from this resource. It can be creative in how it does that. For example, in the UK, the Crown Estate generates revenues and pays dividends back into the UK Exchequer on an annual basis. Perhaps the maritime area regulatory authority, MARA, when established, could be given a commercial as well as a regulatory mandate and follow the Crown Estate as an example. There is a role for the State in this but much of the big money investment can be and will be made by the private sector.

Shannon LNG is a hugely topical issue. The Europeans have in their taxonomy included both gas and nuclear energy as part of the transition. There is ongoing debate on LNG in Ireland as part of security of supply. The Shannon LNG application is before An Bord Pleanála for adjudication later this year. Again, it is a question of how the country and, maybe, the committee sees the role of gas as part of the transition. Broadly speaking, it is well accepted that gas will be required as a transition. The issue is whether that gas can be LNG, which can be natural gas or fracked. The main issues around LNG in this country are probably on the fracked piece. There is a project on the Shannon Estuary, with planning live with An Bord Pleanála.